By InvestAdvocate
Lagos (INVESTADVOCATE)-Investor appetite on the Nigerian Stock Exchange (NSE) remained dampened with selloffs across major counters further dragging the all-share index (ASI) down 0.79 percent to close at 25,653.14 points (lowest since May 12, 2016).
“The sustained pressure on the domestic bourse extended the Month-to-Date and Year-to-Date losses to 5.76 percent and 10.78 percent respectively, according to Cordros daily stock market update.
The report says losses were recorded across all sector indices, save for the Industrial Goods index which gained 0.08 percent following rebound in the shares of cement producer, Lafarge Cement Wapco Plc which appreciated 0.23 percent.
The Oil & Gas index dipped 1.79 percent came under the most pressure, driven by price declines in the shares of oil marketing majors, Forte Oil Plc and Oando Plc both losing 7.43 percent and 4.88 percent; while Eterna Plc lost by 1.24 percent.
The Banking, Consumer Goods and Insurance indices lost by 1.23 percent, 0.95 percent 0.31 percent apiece to close lower following selloffs in the shares of top tier lenders, Guaranty Trust Bank Plc, Access Bank Plc and Zenith Bank Plc losing by 1.83 percent, 1.82 percent and 1.39 percent. Softdrink maker, SevenUp Bottling Company Plc, Nestle Nigeria Plc and Nigerian Breweries Plc all lost by 9.74 percent, 1.83 percent and 0.20 percent respectively. While insurers, Nem insurance Plc and Custodian & Allied Plc declined by 3.33 percent and 1.57 percent each.
At the close of the session trading on the Nigerian bourse, market breadth remained negative, with 6 gainers and 33 losers recorded, according to data from the NSE. Drugmaker, Fidson Healthcare Plc emerged the top gainer with a gain of 0.06 kobo per share; while 7up topped the losers table with a loss of N13.96 per share.
In terms of turnover, total volume traded on the Nigerian equities market fell by 23.18 percent to N145.74 million shares, valued at N1.35 billion, and traded in 2,421 deals.
“We expect losses to be pared in the coming session,” the Cordros update affirmed.
